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Tax provision drags Höegh LNG further into the red

Both Höegh LNG and Awilco LNG raised their top linesi n the second quarter of 2021 compared to last year. Nevertheless, Höegh LNG still booked a deficit on the bottom line, which was dragged further down by a tax provision.

Photo: PR/Höegh LNG

The two LNG carriers Höegh and Awilco LNG saw increased revenue in the second quarter compared to the second quarter last year. Nevertheless, the bottom line for each of them was painted in different colors.

Awilco LNG, which owns two LNG vessels, generated profit before taxes of USD 3.3 million against a deficit of USD 5.3 million in the same period last year. This resulted from revenue increasing to USD 12.7 million against USD 5.1 million in the first three months of 2020, although it was still a decrease from the top line result of USD 17.6 million in the first quarter.

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